On Wednesday, August 30, 2023, centralized exchanges saw a massive net outflow of over 17,000 Bitcoin (BTC), representing a value exceeding $1.6 billion at the prevailing market price of $98,600. This marked the largest single-day exodus of Bitcoin since April 2024, according to Glassnode data shared by Andrew Dragosch, head of research at Bitwise.
The significant outflow is widely interpreted as a bullish signal, indicating that investors are taking direct custody of their Bitcoin, suggesting long-term holding intentions. This trend is commonly referred to as "whales buying the dip."
Coinbase, a prominent cryptocurrency exchange, accounted for over 15,000 BTC of the total withdrawals. Analysis by Timechainindex.com reveals that Coinbase split four addresses holding over 20,000 BTC into 60 addresses on Wednesday, hinting at potential substantial purchases by ETFs or MicroStrategy this week.
CryptoQuant's on-chain data reveals a cumulative negative netflow of 47,000 BTC across all crypto exchanges on Wednesday, with Coinbase contributing 15.8K BTC to this figure.
Bitcoin dipped below $96,800 during Wednesday's late U.S. trading hours. However, it rebounded higher early Thursday after Eric Trump, son of former President Donald Trump, encouraged World Liberty Financial, a crypto platform linked to the Trump family, to make its first Bitcoin investment.